EurOmax Intersects 66.7 Meters at 1.23 Grams Per Tonne Gold at its Trun Gold Project, Bulgaria
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/11 -- EurOmax Resources Ltd. (TSX VENTURE: EOX)(PINK SHEETS: EOXFF) ('EurOmax' or, the 'Company') is pleased to announce results from the eight latest drill holes at its 100% controlled Trun Gold Project, Bulgaria. Results include 66.7 meters at 1.23 grams per tonne gold (219 feet at 0.036 oz per ton gold) including 14.8 meters at 2.28 grams per tonne gold (49 feet at 0.067 oz per ton gold) from drill hole MTC-1192, a step-out hole drilled at the Ruy target located at Big Hill in the northern part of the Trun Property. Earlier this year, the Company announced an intercept of 87 meters at 2.14 grams per tonne gold from drill hole MTC-1174 (see press release dated June 14, 2011) from the Ruy target, a 500 meter wide gold-in-soil anomaly. Drill hole MTC-1192 is located approximately 50 meters northwest of MTC-1174.
'In early September, we decided to increase this year's drill program from the originally planned 4,000 meters to over 10,000 meters in order to follow up on extremely encouraging drill results on multiple newly identified gold zones at Trun,' states Dr. Quinton Hennigh, Technical Advisor to EurOmax. 'We are very pleased with these new results, which validate that decision, and look forward to more results over the next few months.'
Ruy Gold Zone at Big Hill
Summary of Drill Results from the Ruy Target - Big Hill
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From To Length Gold Length Gold
Hole Azimuth Dip (m) (m) (m) (g/tonne) (ft) (oz/ton)
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MTC-1192 055 -60 18.0 84.7 66.7 1.23 219 0.036
includes 36.0 50.8 14.8 2.28 49 0.067
and 65.0 67.0 2.0 7.13 7 0.208
MTC-1198 240 -60 66.8 95.1 28.3 0.35 93 0.010
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-- Diamond drill hole MTC-1192, drilled at an azimuth of 055 degrees true
north with an inclination of -60 degrees, intersected 66.7 meters at
1.23 grams per tonne gold (219 feet at 0.036 oz per ton gold) including
14.8 meters at 2.28 grams per tonne gold (49 feet at 0.067 oz per ton
gold). Coupled with the intercept of 87 meters at 2.14 grams per tonne
gold from drill hole MTC-1174 located approximately 50 meters to the
southeast, it now appears the Ruy gold zone trends north-northwest.
Diamond drill hole MTC-1198, located approximately 50 meters southeast
of drill hole MTC-1174 and drilled at an azimuth of 240 degrees true
north with an inclination of -60 degrees, encountered 28.3 meters at
0.35 grams per tonne gold (93 feet at 0.010 oz per ton gold). It is
believed that this intercept is from a separate zone lying underneath
that encountered in drill holes MTC-1192 and MTC-1174.
-- Two additional step-out drill holes, MTC-11101 and MTC-11104, have
recently been completed at Ruy and samples have been delivered to the
lab. Data from these three holes is expected to help evaluate the exact
geometry and size of the Ruy gold zone.
K2 Gold Zone at Little Hill
Seven drill holes tested various parts of the northwest striking and northeast dipping K2 gold zone located at Little Hill in the southern part of the Trun Property. Results for six drill holes have been received and are presented in the table below. Assays from the seventh drill hole, MTC-1193, have not yet been received.
The longest interval from the K2 gold zone is 100.5 meters at 0.50 grams per tonne gold (330 feet at 0.015 oz per ton gold) from drill hole MTC-1191. Four other drill holes encountered significant intervals of gold mineralization. Although gold grades from K2 are relatively low, most of the mineralization is near-surface and oxidized. Results from these drill holes coupled with previous drilling demonstrate good continuity of the K2 zone over a strike length of 600 meters and thickness of approximately 50 meters.
Summary of Drill Results from the K2 Zone - Little Hill
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From To Length Gold Length Gold
Hole Azimuth Dip (m) (m) (m) (g/tonne) (ft) (oz/ton)
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MTC-1189 230 -60 15.0 41.5 26.5 0.55 87 0.016
No Significant
MTC-1190 235 -65 Values
MTC-1191 0 -90 0.0 100.5 100.5 0.50 330 0.015
includes 0.0 9.9 9.9 2.10 32 0.061
MTC-1193 230 -60 Assays pending
Anomalous gold - 100.9 meters at 0.13 gpt Au
MTC-1194 250 -60 starting at 58.5 m
MTC-1195 260 -60 45.5 62.5 17.0 0.65 56 0.019
and 89.4 99.0 9.6 0.42 31 0.012
MTC-1196 235 -60 19.5 23.1 3.6 0.61 12 0.018
and 74.3 83.9 9.6 0.35 31 0.010
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About the Trun Gold Project, Bulgaria
Gold mineralization at Trun is associated with large granite and syenite stocks that intrude a broad anticline of metamorphic rocks. The geologic setting and styles of mineralization display striking similarities to that of 'tombstone-type' gold deposits in the Tintina Gold Belt of the Yukon and Alaska including the Ft. Knox gold deposit, Alaska and the Eagle gold deposit, Dublin Gulch, Yukon.
EurOmax has 100% control over approximately 67 square kilometers centered on the Big Hill and Little Hill granite intrusions, each with multiple associated gold-in-soil anomalies. The Logo resource, a NI 43-101 compliant inferred resource (see Technical Report on the Gold Resources at Trun Property dated January 31, 2011 which is available under the Company's profile on SEDAR at www.sedar.com) of 2.1 million ounces contained gold in 91 million tonnes at a grade of 0.70g/t Au (0.3g/t Au cut-off) occurs along the northeastern margin of the Big Hill Intrusion in the northern part of the property.
Quality Control and Quality Assurance
Drill core was logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Bulgaria. Samples were prepared and assayed by SGS Chelopech Laboratory in Bulgaria. SGS Chelopech follows SGS Global methods and procedures and has stringent quality control and assurance practices. Dr. Roger Moss, the qualified person for Trun, has visited the SGS Chelopech facilities and is satisfied that the sample preparation and assay procedures are consistent with industry best practices.
Gold was assayed by fire assay followed by atomic absorption (FA/AA). Quality control samples, including duplicates, standards and blanks, were submitted by EurOmax.
Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a 'qualified person' as defined by NI43-101, supervised the preparation of the technical information contained in this news release.
About EurOmax Resources Ltd.
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia. We are focused on identifying, acquiring and developing mineral resources in Southeastern Europe with the objective of becoming a world-class mining company in the region. Our strength is our local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
This news release contains forward-looking statements including but not limited to statements regarding resource estimates, drilling and drilling results and geological interpretations by the Company for its Trun project. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the key assumptions and parameters on which such resource estimates and drilling and geological interpretations are based are reasonable. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the resource estimate or drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, delays in receiving assays, the general risk of unexpected variations in mineral resources, and grade or recovery rates. Readers are also encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading 'Operational and Other Business Risks', which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view the figures, please visit the following link:
http://media3.marketwire.com/docs/746531.pdf
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
San Diego Torrey Hills Capital
(858) 456-7300
www.torreyhillscapital.com
EurOmax Resources Ltd.
Mark Gustafson
President & CEO
(604) 454-8677
markg@euromaxresources.com
www.EurOmaxResources.com